Victoria’s Secret Lays Out Next Transformation Steps During Investor Day (2023)

CHICAGO Martin Waters’ makeover of Victoria’s Secret is still evolving.

As of now it includes pivoting onto a global stage, a revision of the store fleet, an update on the fashion assortment (additions such as adaptive wear, maternity bras and period panties, as well as personal care and home fragrances) and a greater emphasis on the core lingerie segment, all in the hopes that Victoria’s Secret will be the leading lingerie retailer around the world, not just in the U.S.

It’s an ambitious plan, Waters admitted — “that will be a lifetime of work in the next three years” — and slightly larger than the company’s previous plans to become an advocate for all women. But the chief executive officer is doing it by focusing on what the new Victoria’s Secret (now known as VS & Co.) is, even if the retailer has lost the attention of some consumers in recent years.

Victoria’s Secret Lays Out Next Transformation Steps During Investor Day (3)

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“The reality is, for many people, they just haven’t noticed [the transformation]; they haven’t had the occasion to either come to our site and see what the change looks like, or come to our stores and see what the change looks like,” Waters told WWD in an exclusive interview. “But we know from our research that when those people do discover the new Victoria’s Secret, they love it. They absolutely love it and say, ‘Wow. Thank you. We really appreciate the way you’re showing up now.’”

Waters, along with other members of the C-suite and analysts, descended upon the Windy City on Thursday for Victoria’s Secret’s investor day, the first as a stand-alone company. It was a chance for the CEO to update the investment community on the retailer’s turnaround progress — which he stressed was only in year two out of five — while also addressing the proliferation of brands entering the space and how Victoria’s Secret will continue to compete.

“In the old version of Victoria, everything the brand did, or that was said, or publicized or produced, was done because it fitted one single word, one single definition of what the customer needed and that was ‘sexy,’” Waters said. “And for a long period of time that worked for who we were. That was a really, really good thing to do, just working in a mall. But what we are now is advocacy for women. So our lens in looking at what women should do is completely different than what it was. We look at what women want as what we should do. That’s just opened up a whole world of opportunity. And having that freedom to express the brand in that way is incredibly liberating.

“There’s a number of digital brands that didn’t exist eight, 10 years ago,” he added during his prepared presentation. “They got to about $1.8 billion in overall revenues, a pretty significant share of the market for lots of companies that individually are quite small. But in aggregate it is an important part of the market. There’s a lot of stuff around us. And when you talk to those companies — I won’t mention them by name, any of them — when you talk to them and say, ‘tell me why you exist? What’s your [unique selling proposition]? What’s your point of difference? Why are you here?’ The first thing they say, typically, is a response to what Victoria’s Secret is not. But many of these brands that are close to our core exist because we were not what we should have been. That’s a really important insight for us in terms of where we take this company moving forward.”

It’s not hard to understand why Waters was hesitant to talk about the competition. Many investors and consumers alike are still reeling from former L Brands’ chief marketing officer Ed Razek’s slights against competitor ThirdLove back in 2018, in an interview that included less-than-flattering comments regarding plus-size and transgender models.

But the CEO did mention a few favorites. The list includes Elomi and Leonisa, both of which are available on the , for which he praised their inclusive offerings and shapewear assortment; Shein (he’s a fan of their data use), and American Eagle Outfitters’ Aerie.

(Video) The Rise And Fall Of Victoria’s Secret

In the case of the latter, Waters said, “I don’t think they’re a direct competitor. Our business is a lingerie business. We’re first and foremost a lingerie business. I wouldn’t say that about Aerie. Aerie is more an apparel business that sells some lingerie. Do we have a crossover in customers? Of course we do. We play in the same worlds. But I don’t worry about them. I don’t think they worry about us. There’s an enormous pie to go around. There’s a $16 billion business that we’re fortunate to have a big slice in.”

The path forward then entails a greater focus on “expanding the core” — perhaps the most overused buzzword of the day — lingerie business.

Victoria’s Secret Lays Out Next Transformation Steps During Investor Day (4)

“We don’t want to be in the basics business,” Waters explained. “We think our added value comes from being a fashion company. Intimates needs to be north of 50 percent of our business; ideally north of 55 percent. We’re an intimates business and we need to leverage that strength. The heart of the business is bras. That means new innovation, new launches. The category we talk about most is bras.”

The all-day investor event helped the company’s stock close up 10.2 percent to $35.81 a share Thursday. So did Wednesday evening’s news that the retailer has updated its third-quarter outlook. Victoria’s Secret is now expecting earnings toward the high end of its previously communicated guidance of 0 to 25 cents per diluted share. The firm also anticipates operating income toward the high end of previously communicated guidance range of $10 million to $40 million. Both expectations are based on a net sales decline in the high-single-digit range, compared with 2021’s third quarter.

“We continue to see valuation as attractive for a self-help story, while believing management might be better focused on raising profitability rather than chasing market share,” Simeon Siegel, managing director and senior retail analyst at BMO Capital Markets, wrote in a note.

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Victoria’s Secret has been on a multiyear journey to transform itself since 2017 when the lingerie giant began falling out of favor with consumers. The firm hit a few roadblocks amid its transformation, including L Brands’ founder Leslie H. Wexner’s association with registered sex offender Jeffrey Epstein; backlash from the #MeToo Movement and unrealistic body expectations created through advertisements, and the fallout of a deal to sell a majority stake in Victoria’s Secret to private equity firm Sycamore Partners.

The company switched gears, spinning off as its own stand-alone firm on the public market in August 2021 instead. The company’s new look included more inclusive marketing and product categories, updating the fleet, changing the senior-leadership team, selling off unprofitable businesses to make way for more lucrative opportunities, axing the high-gloss fashion show and casting a new line of Angels.

Victoria’s Secret most recent campaign — titled “Undefinable” — features Adut Akech, Bella Hadid, Hailey Bieber, Paloma Elsesser, Ceval Omar and Valentina Sampaio, along with iconic model Bethann Hardison; singer, songwriter Brittney Spencer, and professional athletes Eileen Gu, Femita Ayanbeku and Rose Namajunas.

So far the reaction from consumers has been mixed. Both sales and earnings fell in the most recent quarter thanks to increased prices, supply chain bottlenecks, excess inventory and budget-conscious shoppers pulling back on discretionary purchases. But the headwinds aren’t unique to Victoria’s Secret. In fact, retailers industrywide are facing similar pressures.

And what Victoria’s Secret does have on its side is global name recognition and a substantial retail fleet — more than 800 in North America, or 1,350 worldwide — all of which helped it sell $1.5 billion worth of product in the most recent quarter and log $67.2 million in net income.

For Victoria’s Secret’s next chapter, “We want to move to being a growth company,” Waters said.

A few areas of immediate interest include expanding the international business in markets such as China, Western Europe and India, as well as possible acquisitions.

In the case of the former, Greg Unis, Victoria’s Secret’s chief growth officer, said during the presentation that one of the company’s aspirations is to grow its global market share from 1 to 5 percent by 2025. That would translate from $1.5 billion in revenues from the international business, or 15 percent of the company’s overall sales, to roughly $3 billion and 30 percent of overall revenues.

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“We have incredible global brand awareness,” he said, referring to Victoria’s Secret’s 21 percent market share Stateside. “But we’re underweight outside the U.S.”

Additional growth opportunities include some type of update to Victoria’s Secret’s fashion show, although the CEO declined to give additional details or an expected timeline. He did confirm, however, that something is coming, and added, “It’s a really valuable marketing asset. It may be one of the most valuable marketing assets ever created. It was appropriate to rest it for a period of time. But will we bring it back in some form? Of course we will. It’s a really valuable tool. It will just be really different in its reincarnation than it was in its past. It will be a global celebration of womanhood. It will be much more than a fashion show where lingerie walks down a catwalk. It will be about women and advocacy and creating lifelong relationships. And it will be global in nature. It won’t just be a North America thing, but will be a global thing.

“So we know we’re on the right track. And we just need more people to see we’re on the right track. And we’re getting there,” he continued. “It’s a journey. Today is about announcing a new direction for the company, about putting the past behind us. We’re saying we’re two years into a five-year recovery and we’ve got three strategic pillars that we’re maniacally focused on.”


Why is Victoria's Secret so successful? ›

The merchandise showed good taste, and the company made the products easy to buy in environments that were comfortable and inviting. Over time, the number of stores grew to over 900—by the late 1990s, nearly every major mall in America had a Victoria's Secret store.

What is Victoria Secrets goal? ›

Victoria's Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change.

Did Victoria Secret change ownership? ›

Wexner's parent company L Brands spun Victoria's Secret off to become an independent business (trading on the NYSE as VSCO) on August 3, 2021.

Is Victoria Secret a man? ›

Roy Larson Raymond (April 15, 1947 – August 26, 1993) was an American businessman who founded the Victoria's Secret lingerie retail store in California in 1977.
Roy Raymond
Known forFounder of Victoria's Secret
Spouse(s)Gaye Raymond (m. 1970s; div. 1990)
4 more rows

How did Victoria's Secret build a strong brand? ›

They took the same product, and instead of marketing to men, began targeting women; this strategic move spurred massive growth in sales and made Victoria's Secret one of the ten most recognizable brands in the country.

Why is Victoria Secret changing? ›

When Victoria's Secret announced, back in August 2021, that it was rebranding after years of falling sales and falling cultural credibility — that it would become a champion of female empowerment, replacing its bevy of supermodel angels with the VS Collective — 10 women of great accomplishment as well as varying ages ...

How do I prepare for a Victoria Secret interview? ›

Interview tips at Victoria's Secret

Be yourself. If you have a women empowerment approach you'll ace it every step of the way. Must be outgoing, friendly, knowledge of selling and customer service a plus. Multi-tasking skills are always a plus.

How much does a Victoria Secret Model get paid? ›

Victoria's Secret Models are among the highest paid models in the world. These women make anywhere between $100,000-$1,000,000 a year, on average. However, the paychecks increase due to seniority and fame. Some of the most experienced models, like Gisele Bundchen and Adriana Lima, earn significantly more.

What is Victoria Secrets slogan? ›

Victoria's Secret has reportedly swapped its ad slogan, "The Perfect Body," for one that is meant to be more palatable to non-supermodels: "A Body for Every Body."

Can I use my Victoria Secret credit card at Bath and Body Works? ›

Where Can I Use the Victoria's Secret Credit Card? The Victoria's Secret credit card can be used at and at all Victoria's Secret, PINK, and Bath & Body Works stores.

Can you use a Victoria's Secret gift card at Bath & Body Works? ›

The Victoria and PINK Cards are private label credit cards that can be used in the following locations: The Victoria's Secret website and apps. All Victoria's Secret & PINK Stores in the United States. Bath and Body Works Stores and website.

Who is the richest Victoria Secret model? ›

1. Gisele Bündchen: US$400 million.

Why is it called Victoria Secret? ›

He chose the name 'Victoria' to evoke the propriety and respectability associated with the Victorian era; outwardly refined, Victoria's 'secrets' were hidden beneath." He went on to open a handful of Victoria's Secret stores and launched its famous catalog.

What is Victoria's Secret called now? ›

Today, L Brands operates solely as Bath & Body Works Inc., and Victoria's Secret is a standalone company that owns Victoria's Secret Lingerie, PINK, and Victoria's Secret Beauty.

Why are Victoria Secret models called angels? ›

Models Helena Christensen, Karen Mulder, Daniela Peštová, Stephanie Seymour, and Tyra Banks were the first Angels. The name was coined in 1997 after they appeared in an ad to promote Victoria's Secret's "Angels" underwear collection.

How do you keep your brand strong? ›

Follow a few simple guidelines and you will be well on your way to maintaining a strong and consistent brand identity.
  1. Choose a “Voice” ...
  2. Be Consistent. ...
  3. Know Your Audience and Buyer Persona. ...
  4. Humanize Your Brand. ...
  5. Be Original. ...
  6. Stay Active. ...
  7. Have a Strong Pre-established Brand.
20 Aug 2013

Why is it important to build a strong brand? ›

A strong brand helps customers know what to expect. Your brand represents you and your promise to your customer. Your brand helps you create clarity and stay focused. Your brand helps you connect with your customers emotionally.

How can a brand be made strong? ›

Strong brands have clear brand core values, an unequivocal positioning, and a long-term brand strategy. Consistent brand management with the help of brand rules ensures that the brand strategy is consistently applied in operative business. This helps to prevent a brand from overstepping its credibility limits.

How tall are Victoria Secret Angels? ›

Victoria's Secret Angels
Alessandra Ambrosio415 ft 9.5 in
Leomie Anderson295 ft 10.5 in
Tyra Banks485 ft 10 in
Gisele Bündchen425 ft 11 in
37 more rows

Why is Victoria Secret not doing well? ›

Victoria's Secret's sales dropped to $5.4 billion in 2020 from $7.7 billion in 2015. Analysts attribute this decline to Victoria's Secret's struggle to adapt to consumer demand for more custom-fitted bras and its brand messaging and advertisements.

What happen to Victoria Secret models? ›

Victoria's Secret is doing away with its iconic "Angels" (the models who walk the runway in the brand's lingerie, accessorized with angel wings). Instead, the company announced it's launching the The VS Collective, a new partnership program that will help "shape the future of Victoria's Secret."

How do you ace a modeling interview? ›

Interviewing Tips for a Modeling Career
  1. Do Your Research. Research the agency, so you know what kind of models they represent as well as what their body style, portfolio, and other requirements are. ...
  2. Prepare a Portfolio. ...
  3. Prepare a Resume. ...
  4. Take Care of Your Appearance. ...
  5. Practice Modeling. ...
  6. Think of Answers to Common Questions.
18 Oct 2019

How do you answer a modeling interview? ›

When answering, you can discuss your experience or skills. Try to think of a specific example that shows one way you're a great fit for the company. If you are new to the modeling industry, you can use an example to highlight one of your skills.

What are 7 tips for preparing for an interview? ›

Here are some interview practice techniques and tips to consider:
  1. Analyze the job posting. ...
  2. Research the company. ...
  3. Use your connections. ...
  4. Practice the interview. ...
  5. Understand the type of interview. ...
  6. Consider the interview questions. ...
  7. Prepare any questions you may have.

Who is the highest paid model ever? ›

Here is the full list of models that are joininng Kendall as the highest-paid models in the world.
  • Liu Wen - $19 Million. ...
  • Joan Smalls - $19 Million. ...
  • Gigi Hadid - $20 Million. ...
  • Adriana Lima - $30 Million. ...
  • Rosie Huntington-Whiteley - $32 Million. ...
  • Gisele Bündchen - $33 Million.
26 Jul 2022

Do models pay or get paid? ›

Beginners and more experienced models alike can receive $125–$175 per hour, with a two-hour minimum for all jobs. In smaller markets, commercial models can earn anywhere from $25–$75 per hour. Plus-size and catalogs models will generally be paid the same hourly, half-day, and full-day booking rates.

How tall do you have to be to be a model? ›

Runway models should be at least 5'8” as a female and 6'0” as a male. For editorial modeling, having the right look is more important than height or slender frame alone. For convention/promotional models, it's more about having an engaging personality and the ability to act as a product spokesperson.

What is the marketing strategy of Victoria's Secret? ›

Email Marketing and coupons are attractive marketing strategies for Victoria's Secret. Asides from getting a sneak peek of new/upcoming collections, their email subscribers also get newsletters and exclusive coupons with juicy offers.

What is Victoria's Secret's secret? ›

The brand was named after Queen Victoria, and referenced the taboo/hidden nature of lingerie and underwear at the time. The company was started up by American business man Roy Raymond and his wife, Gaye, in 1977.

Who is Victoria Secrets target audience? ›

Victoria secret is basically targeting girls aged 13-29 years and women aged 30-50 years. Due to wide range of products whenever we think of Victoria's secret the target market always vary with the age.

What is the highest credit limit for Victoria Secret? ›

What is the Victoria's Secret Credit Card credit limit? The Victoria's Secret Credit Card credit limit is usually around $500 to start, according to forum posts, and some cardholders report limits as high as $5,000.

Can I use my Victoria Secret credit card at Walmart? ›

The Victoria's Secret credit card is a basic store-branded card, which can only be used at all Victoria's Secret and PINK stores and at You won't be able to use this card anywhere else.

Can I use my Victoria Secret card at Bath and Body Works 2022 Why doesn't it let me? ›

The card can only be used at Victoria's Secret brand stores

In other words, you can only use your Victoria's Secret Credit Card at U.S. Victoria's Secret and PINK stores, or in-store at Bath & Body Works. (Although you won't earn any reward points from Bath & Body Works purchases.)

Does Victoria Secret take old bras? ›

Did you ever wonder if Victoria`s Secret buys back old bras? Yes, they do! You can get $10 off a new bra or get a merchandise credit for your old one by stacking coupons and using the Reward Card.

Can I use Victoria Secret card at Pink? ›

You can enjoy all the same Victoria's Secret Credit Card benefits, regardless of whether you receive a PINK Card or a Victoria Card. Both cards can be used at, on our apps, and at all VS & PINK Stores.

Can I use Victoria's Secret gift card at outlet? ›

Victoria's Secret

This card has no expiration date. Associates of Victoria's Secret and its affiliates are not eligible to redeem gift cards at Victoria's Secret Outlet stores. To check your available balance, visit a participating Victoria's Secret store or

Who is the oldest model still working? ›

For Carmen Dell'Orefice, age truly is just a number. At age 91, the silver-haired stunner is the world's oldest working supermodel. And this month, she shares the cover of New You magazine with another boundary-breaking beauty: Beverly Johnson, 69, who in 1974 became Vogue's first black cover model.

How much is Kendall Jenner paid as a model? ›

Kendall Jenner first earned the title of the "world's highest paid supermodel" in 2018 when Forbes released an article asserting that she had raked in $22.5 million that year.

How do models get paid? ›

Freelance models negotiate their own payments and contracts, whereas signed models have their modelling agencies to do that for them. Freelance models will take 100% of their payment home with them, while signed models will have a cut of their earnings taken by their agency.

What does the name Victoria mean? ›

Victoria is the Latin word for 'victory' and is used as the feminine form corresponding to the name Victor. In Roman mythology, Victoria was the name of the goddess of victory, corresponding to the Greek goddess Nike.

What does Victoria Secret PINK mean? ›

On October 16, 2002, Victoria's Secret announced the launch of PINK, a new sub-brand and product line. While originally aimed at "tween" girls ages 10–12, the brand would eventually state its official target demographic is teen girls and college-age women.

Why does Victoria Secret have PINK? ›

But, more importantly, Pink was designed to serve as a way to introduce younger customers to the Victoria's Secret brand, ensuring that the lingerie company would have a steady pipeline of customers who would shop with the brand their entire adult life.

How do Victoria Secret models get their body? ›

Victoria Secret models don't train with heavy weights, but primarily follow bodyweight exercises and toning moves with light weights. Cardio output is also a huge part of a Victoria Secret workout because Victoria Secret models need to maintain a low body fat percentage and keep fat off their midsection.

Can men work Victoria Secret? ›

Yes, Victoria's Secret doesn't discriminate between genders. Yes, they can.

Who is the longest running Victoria's Secret model? ›

Adriana Lima

She's also Victoria's Secret's longest-running model, walking for them from 1999 to 2018. Today she has a net worth of US$95 million.

Who is the most famous Victoria Secret Angel? ›

Adriana Lima is the most popular and influential Victoria's Secret Angel.

How successful is Victoria's Secret? ›

The store grew rapidly and has become one of the largest and most valuable apparel brands in the world. The global women's night and underwear market was valued at about 74.5 billion U.S. dollars in 2021. Victoria's Secret was previously part of Limited Brands but, in 2021, Limited Brands separated.

Why do people like Victoria's Secret? ›

What is this? Victoria's Secret has expertly branded themselves. They're established as a place for all women to feel comfortable when shopping for bras and panties. Both women and men can buy from the store without feeling weird and they extended their line from sexy lingerie to relaxed sweats.

Is Victoria Secret still successful? ›

Victoria's Secret notched $6.8 billion in net sales last year. Among the investment priorities will be a “re-envisioned” fashion show, Chief Financial Officer Tim Johnson said during the company's annual investor day.

How much money do you get for being a Victoria Secret Model? ›

Victoria's Secret Models are among the highest paid models in the world. These women make anywhere between $100,000-$1,000,000 a year, on average. However, the paychecks increase due to seniority and fame. Some of the most experienced models, like Gisele Bundchen and Adriana Lima, earn significantly more.

How much are Victoria Secret models paid? ›

$44,196. The estimated total pay for a Model at Victoria's Secret is $44,196 per year.

How does the Victoria Secret reach its target audience? ›

One of Victoria's secret strength is its highly flourished advertising campaign. They are targeting their customers through really bold and attractive advertisements, through printed ads in magazines and newspapers, its targeted magazines are Allure, In Style, Glamour and Cosmopolitan.

What is the slogan for Victoria Secret? ›

Victoria's Secret has reportedly swapped its ad slogan, "The Perfect Body," for one that is meant to be more palatable to non-supermodels: "A Body for Every Body." The slogan appears on an image on the company's website of 10 uber-thin models clad in bras and panties, with their ribs clearly visible.

Is Victoria's Secret declining? ›

The lingerie brand reported net sales of $1.5 billion for the first quarter of 2022, a decrease of 4.5 percent compared to the same period the year prior. The drop was in line with expectations that sales would decrease between 4 percent and 8 percent, according to the company.

Why is Victoria's Secret declining? ›

Victoria's Secret's sales dropped to $5.4 billion in 2020 from $7.7 billion in 2015. Analysts attribute this decline to Victoria's Secret's struggle to adapt to consumer demand for more custom-fitted bras and its brand messaging and advertisements.

What age group is Victoria's Secret for? ›

Pink (stylized PINK) is a lingerie and apparel line by Victoria's Secret, a former subsidiary of L Brands, targeting younger women than their main line. The target demographic consists of youth from ages 13 to 22.
Pink (Victoria's Secret)
ParentVictoria's Secret
9 more rows

Who is the number 1 highest paid model? ›

Here is the full list of models that are joininng Kendall as the highest-paid models in the world.
  • Liu Wen - $19 Million. ...
  • Joan Smalls - $19 Million. ...
  • Gigi Hadid - $20 Million. ...
  • Adriana Lima - $30 Million. ...
  • Rosie Huntington-Whiteley - $32 Million. ...
  • Gisele Bündchen - $33 Million.
26 Jul 2022


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